Bank of New York Mellon Corp Purchases Shares of 412,494 NioCorp Developments Ltd. $NB

Key Points

• Bank of New York Mellon acquired 412,494 NioCorp Developments shares worth approximately $1.99 million, representing about 0.28% of the company. Institutional ownership overall stands at 4.03%.
• NioCorp shares opened at $4.12, near the lower end of their 52-week range of $3.82 to $12.58. The stock has a market capitalization of roughly $600 million and trades at a negative price-to-earnings ratio.
• Analyst views remain mixed, with three Buy, two Hold and one Sell rating; the consensus is Hold, with an average price target of $8.85.

Bank of New York Mellon Corp acquired a new stake in shares of NioCorp Developments Ltd. (NASDAQ:NB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 412,494 shares of the company's stock, valued at approximately $1,988,000. Bank of New York Mellon Corp owned approximately 0.28% of NioCorp Developments at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. boosted its stake in shares of NioCorp Developments by 67.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 2,801,102 shares of the company's stock worth $18,711,000 after acquiring an additional 1,123,863 shares in the last quarter. Deltroit Asset Management UK LLP purchased a new stake in shares of NioCorp Developments in the fourth quarter valued at $5,677,000. Marshall Wace LLP lifted its holdings in shares of NioCorp Developments by 623.5% in the third quarter. Marshall Wace LLP now owns 1,156,057 shares of the company's stock valued at $7,722,000 after purchasing an additional 996,267 shares in the last quarter. Nuveen LLC boosted its position in shares of NioCorp Developments by 785.0% in the fourth quarter. Nuveen LLC now owns 879,032 shares of the company's stock worth $4,659,000 after buying an additional 779,709 shares during the period. Finally, State Street Corp boosted its position in shares of NioCorp Developments by 67.9% in the fourth quarter. State Street Corp now owns 1,768,356 shares of the company's stock worth $9,372,000 after buying an additional 715,288 shares during the period. 4.03% of the stock is currently owned by institutional investors.

NioCorp Developments Price Performance

NioCorp Developments stock opened at $4.12 on Wednesday. The company has a market capitalization of $599.83 million, a price-to-earnings ratio of -6.06 and a beta of 0.25. NioCorp Developments Ltd. has a one year low of $3.82 and a one year high of $12.58. The company's fifty day moving average price is $4.53 and its two-hundred day moving average price is $5.02.

Wall Street Analyst Weigh In

NB has been the topic of several recent analyst reports. HC Wainwright reissued a "buy" rating on shares of NioCorp Developments in a research report on Wednesday, July 15th. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a report on Friday, July 17th. Jefferies Financial Group started coverage on shares of NioCorp Developments in a research report on Wednesday, September 2nd. They set a "hold" rating and a $4.70 price objective on the stock. B. Riley Financial assumed coverage on shares of NioCorp Developments in a research report on Tuesday, June 9th. They issued a "buy" rating and a $12.00 target price for the company. Finally, Wall Street Zen downgraded shares of NioCorp Developments from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $8.85.

NioCorp Developments Profile

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.

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